PHOTO:
Timothy Newman | unsplash
Marketers work constantly to try to stay ahead: ahead of the news, ahead of trends, ahead of customer expectations.
Spurred by an always-on culture, digital access, apps like TikTok, and lightning-fast internet connections, trends move quickly these days. Most marketing teams are probably familiar with the feeling of being caught off guard by a fast-rising trend in their market, or even within their own data â especially if that data shows something shocking like losing customers.
Artificial intelligence (AI) and machine learning (ML) can provide marketers an edge when it comes to getting ahead of the curve. While marketers will always win the day when it comes to creativity, algorithms are much better at analyzing data, especially huge amounts of data. With a great set of data, algorithms can spot opportunities (and warning signs) before the marketing team. By embracing AI and these insights, marketers can send more timely communications,
PHOTO:
Kristaps Ungurs
Over the past few years, CMOs have expanded their ability to measure marketing impact by investing in the ability to attribute revenues to their efforts. But are they maximizing their teamâs contribution to said revenues?
In 2019, the data science team at my firm, Optimove, coined the concept of a CRM Contribution Metric as a means for companies looking to grow through their existing customers to gauge the financial impact and effectiveness of their retention marketing. Back then, they discovered that top brands drive an average contribution of 33% to their revenue from this marketing.
(Note: The term CRM Contribution Metric is explained in full at the end of this article)